Toporowski, Jan - In: Financial markets in perspective : lessons from …, (pp. 145-156). 2022
Kalecki explained debt resolution by means of a fable about monetary circulation between mutually indebted individuals …. This chapter generalizes the processes of debt payment in that fable to show how interest and debt payments depend on the … debt payments dependent upon the liquidity in the financial system and marks a break with the classical theory of interest …